Downtown Hampton Inn taken over by its lender
Downtown Milwaukee’s financially troubled Hampton Inn and Suites, which closed this spring, has been taken over by its lender.
The hotel, 176 W. Wisconsin Ave., is now owed by Oak Brook, Illinois-based EB Group LLC, a subsidiary of Evergreen Bank Group, according to a new deed in lieu of foreclosure.
The property transfer, from Norfolk, Virginia-based Wisconsin Avenue Partners LLC, was valued at $11.8 million, according to the deed posted by the state Department of Revenue. The property’s assessed value is $10 million.
The hotel is closed for renovations, according to its website. However, there are no building permit applications on file with the city Department of Neighborhood Services.
EB Group’s representative didn’t immediately respond to a request for information about the firm’s plans for the property.
This marks the second time in recent years that the Hampton Inn has been given back to its lender.
The hotel’s ownership in March 2019 was transferred to an affiliate of Atlanta-based Peachtree Hotel Group by an affiliate of Shelton, Connecticut-based New Castle Hotels and Resorts. That transaction was valued at $19 million.
Wisconsin Avenue Partners bought it in November 2019 for $10.7 million, according to assessment records. That sale occurred just a few months before the COVID-19 pandemic devastated the travel industry.
The hotel opened in 2000 after a 10story vacant office building was converted into a Howard Johnson Inn and Suites.
It was remodeled and converted to the Hampton brand in 2006.